The product now has a rate of 6.29%, down from 6.44% previously
Skipton Building Society has reduced the rates of selected fixed mortgages for new business and existing customers, including its 100% LTV product.
Effective today, August 18, the lender’s 100% LTV track record mortgage has a rate of 6.29%, down 15 basis points (bps) from the previous rate.
Also reduced were 95% LTV fee-free five-year residential fixed rate, by 22bps to 6.02%, and 60% LTV two-year residential fixed rate with a £1,495 fee, by 6bps to 5.96%. The 60% LTV five-year buy-to-let fixed rate with a £1,995 fee was also cut by 12bps to 5.62%.
The 100% LTV track record mortgage, which aims to help renters get on the property ladder without making a deposit, was launched by the mutual in May.
A buyer might be eligible for this mortgage if the applicant is a first-time buyer, aged 21 or over, has less than a 5% deposit, and has no missed payments on debts or credit commitments over the previous six months.
The applicant can potentially borrow up to £600,000 if they meet the household-to-household criteria, are not looking to buy a new build flat, and has proof of having paid at least 12 months’ rent in a row during the last 18 months.
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